Funds availed from banks or institutes or other money lending organizations for business on interest for working capital in the way of a term credit or overdraft is called as a Business Loan.
Business Loan is taken to meet the budgetary necessities of the business. It could be for the acquisition of new machinery and infrastructure, to expand the machinery and infrastructure, new building foundation, spreading the business reach, etc, so that the business can be taken to a more noteworthy level.
For ventures where the loan amount is required over 2 Crores, the undertaking evaluation will be completed by a group of skilled people from the Project Finance Department (PFD) of the bank/money related organization.
The working capital money is momentary fund accommodated a time of 6 to a year which will be reestablished on a yearly audit. The reimbursement time frame for term credits ranges from 3 years to 8 years and even till 20 years if the development of business premises is included.
The bank may charge a prosessing fee for providing Business loans which may vary from 0.25% to 2%.
Starlight Solution can assist you with getting the perfect Business Loan - Let's Get the Deal Started!
Types of Business Loan?
- Working Capital Finance Loans
- Over Drafts
- Term Loans
- Equipment & Machinery Loans
We cater to the above loan types and shall make sure you get the loan at the least interest and at the earliest.
- Applicant or applicants should be between 21 years to 65 years old for self-employed and salaried persons.
- Businessman, self-employed, proprietors, partnership firms, private limited companies, LLP's and public limited companies can apply for the same.
- The income of the applicant should match the loan amount and banks or lenders basic criteria.
- Usually the business should be minimum 2 years old and should be profit making. Again the same depends from bank to bank basis.
- The previous credit history of the Applicant's promoters or partners or proprietor's should be positive and there should not be any over dues of payment defaults.
- Applicant's promoters or partners or proprietor's credit score should me more than minimum 650. This is become a very important aspect and we always direct and request the clients to make sure their credit history is in good health always.
Identity Proof :
- PAN Card
- Aadhar Card
- Voter ID
- Driving License
- Passport
Address Proof :
- Registered Rent agreement
- Aadhar Card
- Driving License
- Lease agreement
- Passport
- Latest Gas or electricity bill
Financial Documents - Employment or Business Proof
- Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16)
- IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well)
- Statement of A/c for the past 1 year where your salary is credited (in case of salaried people)
- Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons
- Sales tax, GST registration certificates, if applicable
- Partnership deed in case of partnership firms (if the applicant is one of the partners)
- Certificate of Incorporation in case of limited companies(if the applicant is one of the directors)
Other Documents:
- Loan application form duly filled in
- Photographs
- Signature Proof
Property documents:
- Copies of all property documents that can establish the chain of ownership for the past 30 years
- Encumbrance certificate for 30 years
- Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer)
Our Associated Banks for Business Loan:
- Icici Bank
- Aditya Birla Finance - Home Loans
- Citibank
- HDFC Bank
- India Bulls
- Many more
Why Choose Starlight Solution for Business Loan?
Applying for a Business Loan may appear as though an overwhelming task and data on Home Loan can be confounding as each bank will have its individual Home Loan plan and financing cost. It can get hard for you to think about the individual rates and settle on an educated choice.
Starlight Solution can assist you with securing all the data at a solitary spot whereby you can think about the various rates on a single screen. Likewise, Starlight Solution can assist you with doing what needs to be done relying upon your socioeconomics, salary, and reimbursing limits. Starlight Solution has more than 15 years of experience to direct you about different aspects and features of any Business Loan eventually helping you to choose the bank that gives the best with the following benefits:
- The loan interest rate will be at rock bottom
- Very less preparing & processing fees
- Simple documentation
- Speedy loan sanction turnaround time
- Terms of dispossessions and pre-installment of Home Loan portions
Starlight Solution expertise in Home loans and shall assist you to understanding and finalize your Business Loan.
